Valley gas prices climb once again due to substantial growth in demand
Gas prices have risen once more in the Mahoning Valley with AAA East Central citing high demand as the reason why.
This week, the local average is 25 cents higher than last week at $3.623 per gallon compared to last week's $3.376 per gallon and last year's $4.269 per gallon.
According to the latest data from the Energy Information Administration (EIA), gas demand grew substantially last week from 8.62 to 9.30 million barrels per day.
Meanwhile, total domestic gasoline stocks decreased by 3.2 million barrels to 219.7 million barrels. These combined factors slowed pump price decreases.
Oil prices declined have declined amid ongoing market uncertainty regarding stalled U.S. debt ceiling negotiations. The EIA reports that domestic crude inventories have increased by 3 million barrels to 462.6 million barrels last week.